TL;DR
- Cardano reclaims the ninth spot in the cryptocurrency rankings, surpassing TRON (tenth) and Toncoin (eleventh), with a valuation of $15.56 billion.
- ADA’s rebound, which saw a 19% increase in its market capitalization, has been driven by developments such as LCX’s support for native tokens and the BitcoinOS bridge.
- Cardano also benefited from the approval of the USDM stablecoin under the EU’s MiCA framework, opening new opportunities in international markets.
Cardano (ADA) has managed to consolidate its position in the ninth spot of the cryptocurrency rankings, surpassing TRON, which now occupies the tenth spot, while Toncoin remains in the eleventh spot. ADA has regained positions thanks to a series of strategic and technical developments that have renewed confidence in the project and allowed it to recover part of its market value.
Cardano had fallen in the rankings in recent years, especially after the strong competition from Toncoin and TRON, which overtook ADA in 2023. However, in the last week, the latter experienced an almost 19% increase in its market capitalization, allowing it to surpass Toncoin, which only saw a 2.1% growth. And TRON, whose market cap rose by just 0.9%. With this rebound, ADA has repositioned itself in the 9th spot, with a valuation of $15.56 billion. TON, for its part, has a market cap of $12.58 billion, and TRX stands at around $13.96 billion.
In addition, in terms of its market value, ADA reached a value of $0.4467 after a surge that raised its value by 19.29%. Meanwhile, the volume surpassed $1.19 billion, with an intraday increase of 173%.
What is Behind Cardano (ADA) Rebirth?
ADA’s triumphant return to the ninth spot was driven by several initiatives that strengthen its fundamentals. During the Cardano Summit, held at the end of October, important announcements were made. One of them was LCX’s plan to expand its support for native tokens of the ecosystem, which would enhance its adoption in the market. Additionally, the BitcoinOS bridge, which allows Bitcoin users to access Cardano’s smart contract capabilities and scalability, has also been a key factor in regaining part of its appeal.
Another crucial point was the approval of the USDM stablecoin, which received validation under the EU’s MiCA regulatory framework. This is an important step for Cardano’s expansion in international markets. The partnership with Norwegian Block Exchange AS was also key to ensure ADA aligns with European block regulations, something that could attract more institutional investors in the future.
Although Cardano has managed to regain its position in the top 10, it still faces the challenge of reaching the record performance it experienced during the 2021 bull cycle, when it reached a market capitalization of $91 billion. However, the recent recovery of its value shows that the project continues to maintain its growth potential
